When the election results were known the morning of November 9, 2016, one thing was certain: Change is coming. President Donald Trump’s administration made clear during its campaign and after the election that burdensome regulations had adversely effected business growth and jobs creation. An expressed priority of the new administration is to reduce regulation deemed … [Read more...] about What Impact Will the New Presidential Administration Have on Regulations and Compliance?
Consumer Financial Protection Bureau
I won’t reveal my personal politics, but trust has been at the core of this election season, and much of what you believe to be true is in the eye of the beholder. For instance, my son and I are a lot alike, and agree on most things. But we were near-polar opposites on which presidential candidate deserved our respective votes. Though we had some differences of … [Read more...] about Select Digital Disruptors That Keep Your Best Interests in Mind
This mid-October headline got our industry’s attention: “The Consumer Financial Protection Bureau [CFPB] Declared Unconstitutional by the United States Court of Appeals.” For those affected by CFPB enforcement actions and the agency’s general whims and fancies, there was a resounding cheer of “about time!” Headlines, however, rarely tell the whole story, and in this case … [Read more...] about The CFPB: No Longer the Legislative Bully of DC?
It’s the start of a new year, and like clockwork, the Consumer Financial Protection Bureau (CFPB), ever vigilant in self-promotion and use of press releases, announced in early February a settlement with Toyota Motor Credit Corporation (TMCC) for “alleged” violations of the Equal Credit Opportunity Act (ECOA). We use the word alleged as the consent decree provides: … [Read more...] about Alleged ECOA Violations and Dealerships: Will the Market Tip?
One thing many in the auto industry were hoping for was a change in the political landscape. Most dealers we have talked to were very confident bill HR 5403, Reforming CFPB Indirect Auto Financing Guidance Act, would pass as it had bi-partisan support. This bill’s intention was to nullify certain guidance of the Consumer Financial Protection Bureau (CFPB) and to provide … [Read more...] about Is the CFPB Tide Turning?